Press Release: IMF Welcomes Paraguay’s First Anti-Money Laundering and Combating the Financing of Terrorism Plan

June 11, 2013

Press Release No. 13/208
June 11, 2013

The International Monetary Fund (IMF) welcomed the Paraguayan Authorities’ launch of its first national Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) plan. The plan, which was unveiled today by President Luis Federico Franco Gómez and benefitted from technical assistance from the IMF and the Inter-American Development Bank (IADB), aligns the national AML/CFT efforts with international best practices.

“We congratulate Paraguay and President Franco on the adoption of their National AML/CFT Strategy. The strategy provides a comprehensive and credible plan to help protect the integrity of Paraguay’s economic system and preserve public order and national security from the threats of organized crime and terrorism,” said Mr. Naoyuki Shinohara, the Fund’s Deputy Managing Director and reviewer of the institution’s work in Paraguay.

“We are proud to have been able to assist the Paraguayan authorities in developing this strategy through an IMF technical assistance program in collaboration with the IDB. We are now looking forward to the pivotal implementation phase, which could help enhance the country’s institutions and consolidate its international reputation, thereby contributing to Paraguay’s sustainable economic growth and development,” Mr. Shinohara concluded.

Background on Technical Assistance to Paraguay

The IMF’s technical assistance program in AML/CFT aims to improve AML/CFT regimes worldwide. This assistance is delivered through timely and customized programs at the request of national authorities to fit the specific needs and priorities of IMF member countries and their respective institutions. In 2008 the IMF conducted a standards assessment of Paraguay’s AML/CFT system, which was approved by the Financial Action Task Force of South America (GAFISUD). The assessment revealed important deficits in Paraguay’s AML/CFT system. In August 2011, the Paraguayan authorities requested the IMF’s technical assistance to support the development of a National AML/CFT Strategy and, in February 2012, former President Lugo signed a decree declaring this project a matter of national priority. The program began in September 2012. The IMF acted mainly as a facilitator to the process, sharing its international experience and advising the authorities on ensuring consistency with international AML/CFT standards. Since 2011, the Financial Action Task Force (FATF) has recognized Paraguay’s “significant progress in improving its AML/CFT regime.”

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